January 02, 2013 11:10 AM Eastern Time
Bingham Memorial Hospital Announces Results of Economic Impact Study
Study Shows BMH Brings More Than Half a Billion Dollars to the Region
BLACKFOOT, Idaho--(BUSINESS WIRE)--Bingham Memorial Hospital today announced the results of an independent study, commissioned by Bingham Memorial Hospital in 2012 to determine the economic impact of the hospital on the surrounding area. Conducted by Richard Gardner, Ph.D. of Boot Strap Solutions and Thomas Harris, Ph.D. from the University of Nevada – Reno, the study measured the economic impact of Bingham Memorial Hospital on Bingham, Bonneville, and Bannock counties. Among other things, the study concluded Bingham Memorial Hospital’s total economic impact for the region was $557,850,000 million during the years 1999-2011.
“Bingham Memorial Hospital’s impact on the County budget helps us reduce the amount we have to charge the residents to cover our indigent care”
“We are proud of the services and employment Bingham Memorial Hospital is able to offer the residents of east Idaho,” said Louis Kraml, chief executive officer, Bingham Memorial Hospital. “Our world class physicians, state of the art facilities and devoted team at Bingham allow us to deliver outstanding healthcare and services. I am grateful the hospital is a strong economic driver providing benefits to our local counties during these tough economic times.”
Study highlights include:
In 2011, BMH’s economic impact for the region accounted for:
Lee Kniffen, Chairman of the Board of Directors for Bingham Memorial Hospital said, “This study is evidence of the partnership Bingham Memorial has built with the community. We work to provide the best healthcare for our residents and in doing so, we are able to be part of a team that includes community members, business leaders and government leaders to drive the best employment and more economic growth within the community.”
The study concluded that because Bingham Memorial Hospital is locally owned and revenues are reinvested into the facility and the community rather than being sent out of state, Bingham Memorial Hospital has a larger-than-expected footprint on the regional economy. Other major contributors include the hospital’s integrated business model and local purchasing preference, which drives a consistent pattern of steady growth in the community.
“Bingham Memorial Hospital’s impact on the County budget helps us reduce the amount we have to charge the residents to cover our indigent care,” said Cleone Jolley, Bingham County Commissioner. “The amount of money that is given by the hospital in charity write offs of $1,274,755.00 and the uncollected debt of $5.5 Million in 2010 is significant. If the County had to cover these costs because people couldn’t pay them, the impact it would have on our residents would be substantial. This is only looking at what is affecting the county budget. If you look at the rest of the picture you can see Bingham Memorial is a major contributor to our County.”
For more information about Bingham Memorial Hospital please visit: http://www.binghammemorial.org/.
About Bingham Memorial Hospital
Bingham Memorial Hospital is a 501(c)3 non-profit critical access hospital located in Blackfoot, Idaho. Bingham Memorial Hospital is committed to the pursuit of excellence in our endeavor to provide a continuum of quality, compassionate, healthcare services for residents and visitors to east Idaho, in the most efficient and cost effective manner possible.